How do calculate the income tax payable

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Reference no: EM132646131

A 30-year-old Alberta employee earns $2,585.00 bi-weekly. Each pay period, he has non-cash taxable benefit of $47.50, pays union dues of $30.00, and contributes 4% of his earnings to a registered company pension plan. His federal and provincial TD1 forms indicate a claim code of 2. He is not in receipt of benefits from the Canada or Québec Pension Plan. To date he has had $773.40 in Canada Pension Plan contributions and $561.20 in Employment Insurance premiums deducted.

Problem 1: Calculate the following, showing all calculations for full marks.

a) CPP Contribution

b) EI Contribution

c) Income Tax Payable

Reference no: EM132646131

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